Back In July 2020, Twitter was hit by a Bitcoin scam. Scammers hacked into a number of high-profile accounts and sent out a Tweet asking Bitcoin investors to lodge money to a specific cryptocurrency account.
In return, twice the amount would be sent back to them, as a “charitable gesture.” Because the Tweet appeared to come from a reputable source, a number of people were duped, before Twitter blocked or temporarily closed the affected accounts.
Scammers targeted BTS fans on Twitter in February 2021. The scam was sophisticated and creative, but fans were able to fight back. This is a reminder to be vigilant online and to be aware of the dangers of cryptocurrency scams
BTS, K-POP and the ARMY: How the Scam Unfolded
Let’s get the acronyms out of the way first: BTS is a world-famous Korean pop (K-POP) band whose millions of enthusiastic fans are known as the ARMY (Adorable Representative M.C. for Youth).
Members of the ARMY tend to be young, savvy, and into the latest technical developments like cryptos – in other words, the perfect place for Bitcoin scammers to attempt to build a following, gain credibility, and then rip people off.
The perpetrators used a variety of methods to target BTS fans, including buying accounts, tagging fans, and offering giveaways.
Here is a more detailed explanation:
- The perpetrators bought accounts from BTS fans or paid them to promote cryptocurrency companies. This gave them access to a large audience of potential victims.
- They also tagged BTS fans in their tweets, offering giveaways, merchandise, and albums. This was a way to get their attention and convince them to click on the links in their tweets.
- Some influential BTS fans also inadvertently started following cryptocurrency accounts. This gave the scammers even more credibility and made their tweets more likely to be seen by other fans.
The idea was to hype up the attraction of cryptocurrencies and engage the attention of ARMY members. Conscious of the fact that many BTS fans were young, inexperienced, and impressionable, the cryptocurrency scammers hoped to phish for personal information that would enable them to hack into private accounts.
It sounds like the perfect plan, but what happened next was really fascinating. Doubtless, an unspecified number of fans fell for the scam, but more significantly, many ARMY members were outraged by the idea that people were trying to rip off BTS fans.
The group’s own internal cybersecurity department hit back, with warnings to members about both the scam and the dangers of sharing personal information. And after prompting from ARMY members and other sources, Twitter suspended some of the implicated accounts.
Interestingly, much of the ARMY’s anger was directed not so much at the potential scam, but more at the lack of transparency from members – in particular, with regard to certain BTS fans sneakily trying to make money on the back of their fellow ARMY members.
For the moment, things seem to have died down a little, but this story is a valuable reminder of the potential dangers of a Twitter cryptocurrency scam, and how easy it is to be ripped off.
Lessons to learn from the latest scam
Cryptocurrency scams are on the rise, and influencers are being used to target victims. Be vigilant online and be careful about who you follow and what links you click.
Winston Churchill said, “Those that fail to learn from history are doomed to repeat it.” This is certainly true of the Twitter crypto scam that hit BTS and their ARMY of fans. Here are some lessons we can learn from this episode:
Be vigilant online. Don’t click on links from people you don’t know, and be careful about what personal information you share.
Don’t trust everything you read on social media.
Scammers are good at creating fake accounts that look like they belong to legitimate people or organizations.
Report any suspicious activity to Twitter. The company is more likely to take action if they know about it.
The biggest lessons to learn from the Twitter crypto scam are the most obvious ones: be careful online.
Here are some specific tips:
Don’t click on links from people you don’t know.
Be wary of any offer that seems too good to be true.
Don’t share your personal information with anyone you don’t trust.
You can be sure that those who lost money, or who were taken in by the scammers, will be more careful next time. But is there any comeback for people who lost out to Bitcoin scammers? You may be surprised by the answer to that question, as there is a potential solution.
You can recover scammed Bitcoin today!
Cryptocurrency scammers are attracted to Bitcoin because of the lack of regulation, its anonymous nature, and the difficulty of tracing transactions. That might make you think that all is lost if you’ve been the victim of a Twitter Bitcoin scam.
However, we at Reclaim Expert think differently. We’ve been helping victims of online fraud since 2008, and in that time, we’ve successfully recovered many millions of dollars for our clients.
At Reclaim Expert, our specialist team has a unique mix of technical, legal, and financial expertise. You can use our knowledge and experience to take on the crypto scammers and beat them at their own game. That includes helping investors who’ve been hit by a Twitter Bitcoin scam. We’ve helped customers right across the globe, and we can help you.
Call us now for a free, no-obligation consultation on how we can help you to recover scammed Bitcoin – and join the growing number of happy Reclaim Expert customers who’ve got back funds they thought were gone forever.